Statement by Irish Life & Permanent plc.*

Carramore said:

A personal view is that Casey has been by far the best of the bankers (not saying much, I know) throughout this crisis and it's a pity that he had to go.

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You're right - that's not saying much.

How on earth is it a pity to see the departure of the head of a bank that made a massive, possibly fraudulent transaction (through a subsidiary, no less), that had the effect of prolonging the survival of a bankrupt institution that had played a huge role in fuelling a property bubble that in turn had allowed a FF govt to ingratiate itself to a selfish electorate by raising spending AND cut taxes, meanwhile branding dissenting economists as "loo-lahs," dissenting politicians as "failed persons", and at the same time welcoming runaway inflation as a sure sign that "the boom times are getting even more boomer"???

Goodbye and good riddance. Don't let the door hit your well tailored This post will be deleted if not edited to remove bad language on the way out.

mercman said:

These bloody Banks are owned by who ?? The shareholders -- isn't it time that the shareholders voices are heard. Now those will say tofhere is a contract and they are entitled to this, that and the other. These muppets had a contract to do their their duties in the best manner possible etc.etc.
So surely if it can be proved that they acted in a manner not in accordance with the Bank's principles, they are in breach of contract and their fantastic salaries, payoffs and pensions will become null and void.

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mercman, I agree with your sentiment, but you're forgetting an important part of the equation. A sizable amount of the shareholders in the banks are institutions such as the insurance and pension funds. These are all part of the golden circle. They are not looking to rock the boat and if they had their way they would want it to return to "business as usual" and all that entails.

yop said:

"It was noted that the Financial Regulator had communicated to the Non Executive Directors of the Board in person last May that it was a policy objective of both the Central Bank and the Financial Regulator that Irish financial institutions would work to support each other in the face of an unprecedented threat to the stability of the Irish financial system arising from the international credit crisis."

Does this mean that they were encouraged by the financial regulator to carry out such transactions??

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The whole Financial Regulatory Body is a discrace and an overhaul of key personel is required.Its main objectives need to be reestablished and transparent accountability to the Minister of Finance needs to be put in place.We are an International laughing stock and are unlikely to see international investment in our banks anytime soon.

Mention has been made of Anglo's motivation e.g. to build up deposits for 'snapshot' of accounts in order to portray healthy balance. This opportunity of a 'snapshot' should'nt even be available to a company. Surely better practice would be to have to show statement of deposit transactions over the year.

The Board of Irish Life were completely wrong to get involved with Anglo deposits,in hindsight they must see how suspicious the transaction appears and therefore why did they risk their own and their company's reputations? Did it seem the patriotic thing to do at the time i.e.help out a fellow financial institution who was experiencing difficulty and thereby perhaps assisting in helping to avoid an Irish banking crisis as was requested by Financial Regulatory Body in May 2008.

Bad decisions were made and it wouldnt surprise me if GB position is also untenable.